PSEi ends flat as markets retreat on Trump’s travel ban
Local stocks ended a hairline higher on Monday, aided by window-dressing activities while investors across the region mulled over the impact of recent US immigration restrictions.
The main-share Philippine Stock Exchange index (PSEi) added 3.04 points or 0.04 percent to close at 7,336.71 on selective buying of stocks.
“Philippine markets closed flat as US stocks eroded a bit on Friday, even as overall, the market’s recent upward bias was viewed as intact, and major indexes ended higher for the week,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
He noted Asian shares suffered a worse fate, falling from a four-month high on concerns about rising global trade and geopolitical risks after President Donald Trump temporarily banned refugees and travelers to the US from seven predominantly Muslim nations. Oil futures fell on Friday, pulling back from a nearly three-week high.
“Furthermore, the local market was artificially boosted due to the lack of trading participants, and early window dressing for the end of the first month of 2017,” Limlingan said. Many markets in the region were closed due to the Lunar New Year holiday.
At the local market, the day’s gain was led by the cyclical financial and property sectors. The industrial, holding firm, services and mining/oil counters were all down.
Value turnover was thin at P4 billion.
Despite the PSEi’s slight gain, market breadth was negative as there were 94 decliners against 89 advancers; while 44 stocks were unchanged.
The PSEi was led higher by Metrobank and Ayala Corp., which both advanced by over 2 percent; while Ayala Land and PLDT both gained over 1 percent.
BDO Unibank and Semirara also moved higher.
Metro Pacific fell by 2.21 percent while URC and AGI both declined by over 1 percent. ICTSI, SM Investments and JG Summit also slipped.
Outside the PSEi, notable decliners included A. Brown (-0.79 percent) and Primex (-1.42 percent).
